Business Strategy


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Textbook:
Pages : 323; Paperback;
210 X 275 mm approx.


Workbook:
Pages : 321; Paperback;
210 X 275 mm approx

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Textbook Price: Rs. 750 ;
Workbook Price: Rs. 700;
Available only in INDIA

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Business Strategy Textbook | Workbook

Detail Table of Contents

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<< Chapter 4

Internal Environment Analysis : Chapter 5

SUMMARY: For a strategy to succeed, it should be based on a realistic assessment of the firm’s internal resources and capabilities. An internal analysis provides the means to identify the strengths to build on and the weaknesses to overcome when formulating strategies. The internal analysis process considers the firm’s resources; the business the firm is in; its objectives, policies, and plans; and how well they were achieved.

All organizations irrespective of their size, nature, and scope of business perform the functions of finance, production, marketing, and human resource development. For efficient strategic management, careful planning, execution, and coordination of various functions -- marketing, production and operations, finance and accounting, research and development, and human resource management -- is highly essential.

Each of the functional areas has strengths or weaknesses depending on how the function is being managed. The joint performance of these functions will have a direct bearing on the firm’s performance in terms of superior product design and quality, superior customer service, and superior speed.

The management can be evaluated on the basis of the organizational profile of strengths and weaknesses in light of what it has or has not done, or what it has or has not achieved. Similarly, the role of the board of directions should also be analyzed. An organization’s culture (shared values) should have a good fit with its strategy and other factors such as structure, systems, management style, and human resources (staff and their skills), as depicted in the McKinsey 7-S framework. If the existing culture will not be suitable for a desired strategic alternative, the management has to decide whether it will be feasible to change the culture, and how much time and other resources would be required to achieve this culture change.

Value chain analysis divides a firm’s activities into two major categories -- primary and support activities. Primary activities are those activities that are involved in the physical creation of the product (inbound logistics, operations, and outbound logistics), marketing and sales, and after-sales support. Firm infrastructure, human resource management, technology development, and procurement are the support activities.


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